There is cash value before tax of around $6800. Will this be for tax filing for next year (2025) and not this year?
Yes. Since you will cash out the policy in 2024, your taxable earnings (if any) will be reported on your 2024 tax return, which you will complete in 2025.
Most likely when told a 1099 would be issued before Jan 31, they most likely mean Jan 31 of 2025, which is what I would expect.
Once you receive the check, I would highly recommend you go ahead and pay 20% of it to the IRS so you don't come up short when you file your 2024 taxes next year, and end up owing. You can do that online at www.irs.gov/payments and *SAVE* *YOUR* *RECEIPT!* with your 2024 tax information.
